Practice Tips

Land Owner Transparency Registry Publicly Searchable as of April 30, 2021

The Land Owner Transparency Registry (LOTR) becomes publicly searchable on April 30 and guidance from the Real Estate Council of BC (RECBC) on how to use LOTR in real estate practice is coming soon. BCREA will support brokerages and REALTORS® in adapting their practice in accordance to the RECBC guidance once it’s available. In the

Getting Ready for the June 1 FINTRAC Changes: Business Relationships

By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor This blog post has been updated to provide clarity on the timing of client identification and on the types of client information that must be reviewed. REALTORS® have been required to conduct ongoing monitoring of their business relationships ever since the concept was introduced into regulation in

Protecting Buyers – and Yourself – in a Hot Market

With interest rates at record lows and not enough available housing stock to meet demand, buyers are willing to take risks to clinch a deal. Still, as a REALTOR®, they look to you for information on managing those risks. As you work in your client’s best interest, in advising them don’t forget to manage your

2021 Changes to Your Anti-Money Laundering Obligations

FINTRAC Changes LOTR Search Resources Last Updated: March 25, 2021 Overview On June 1, 2021, big changes are coming to real estate practice and your anti-money laundering obligations. The Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced regulatory amendments that will come into effect on June 1 and create new or change

Learn Ten Things About LOTR in Under One Minute

The Land Owner Transparency Registry, or LOTR, is a soon-to-be publicly accessible registry of beneficial interests in land in BC. Here are ten things REALTORS® can learn about LOTR in just under one minute: LOTR will be publicly searchable as of April 30, 2021. When an application is made to register or transfer an interest

What happens if your client or close contact tests positive for COVID-19?

If being in the midst of a global pandemic wasn’t enough, with BC’s historically busy housing market, REALTORS® are operating under extenuating circumstances and are faced with balancing health and safety with serving their clients best interests. As a result of COVID-19, you have adapted your practices to ensure your clients and the community at

REALTORS® and COVID-19: Three Tips for Working During the Hot Market

In February’s episode of Open House by BCREA, our monthly podcast for REALTORS®, host Tony Joe and his guests – former Real Estate Board of Greater Vancouver President and current Vancouver-area Realtor Phil Moore, and lawyer Brian Taylor – explore some of the challenges and opportunities of working in a historically busy market during COVID-19.

Updated Guidance for Real Estate Practice During COVID-19

UPDATE (January 14, 2021): As the spread of COVID-19 continues to be a concern, restrictions from the Provincial Health Officer (PHO) on social gatherings and non-essential travel, and a requirement for masks in public indoor spaces are still in effect until at least February 5, 2021. Updated guidance on safer showings from BCREA, the Real

Strata Depreciation Reports: What REALTORS® and Clients Need to Know

With more than 1.5 million British Columbians living in strata housing, not to mention all the commercial, industrial and mixed-use stratas in BC, it’s important that REALTORS® understand a key tool in assessing the condition of a strata property: the depreciation report. Here’s a quick primer on what you need to know and how to learn more.

Selling Tenant-Occupied Properties During the COVID-19 Pandemic

Selling a home can be a stressful experience, and it can be even more complicated when selling a tenant-occupied property, especially in the midst of a global pandemic. If you are a real estate professional selling a tenant-occupied property during the pandemic, you have an important role to play in managing relationships and expectations and

COVID-19: Resources for REALTORS®

Last updated: March 30, 2021 BCREA has created this dedicated page to help real estate boards and REALTORS® access resources related to real estate practice and the COVID-19 crisis. We will provide new information and resources as they become available. In addition to uploading new content here, we will send out email updates to all

Conveyancing Considerations During the COVID-19 Pandemic

The second half of 2020 has been a busy time for real estate transactions, which has resulted in an increase in conveyancing. To help control the spread of COVID-19, it remains paramount to continue using technology to reduce in-person contact during all aspects of a transaction, including conveyancing. In dealing with the consequences of the

Three Things to Know About the Land Owner Transparency Act and Registry

On November 30, the Land Owner Transparency Act (LOTA) and Land Owner Transparency Registry (LOTR) will come into effect. With them come new reporting requirements, filed by legal professionals, when an application is made to register an interest in land. To help REALTORS® and your clients get ready for LOTA and LOTR, here are three

REALTORS® Encouraged to Continue Safe Business Practices in Light of New Public Health Orders

With new health orders announced by the Provincial Health Officer (PHO) on November 19, BCREA encourages REALTORS® to continue COVID-19-conscious business practices, which includes using virtual tools when possible, to market, show, and view properties to help slow the spread of COVID-19. The PHO’s recent announcement and order extends the ban on social interactions and